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| Version 3 | Version 4 |
|---|---|
| How Britain fell out of love with BHS – timeline | How Britain fell out of love with BHS – timeline |
| (about 1 month later) | |
| 1928 | 1928 |
| A group of American entrepreneurs opens a general store in Brixton with the aim of creating a UK version of Woolworths. Nothing is priced at more than a shilling, although the price bar rises to five shillings the following year as British Home Stores moves into home furnishings. | A group of American entrepreneurs opens a general store in Brixton with the aim of creating a UK version of Woolworths. Nothing is priced at more than a shilling, although the price bar rises to five shillings the following year as British Home Stores moves into home furnishings. |
| 1933 | 1933 |
| BHS makes its debut on the London Stock Exchange. | BHS makes its debut on the London Stock Exchange. |
| 1977 | 1977 |
| BHS teams up with Sainsbury’s to create SavaCentre hypermarkets, opening the first store in Washington, Tyne and Wear. Sainsbury’s buys out BHS’s 50% share in 1989 and the name eventually disappears from UK high streets. | BHS teams up with Sainsbury’s to create SavaCentre hypermarkets, opening the first store in Washington, Tyne and Wear. Sainsbury’s buys out BHS’s 50% share in 1989 and the name eventually disappears from UK high streets. |
| 1982 | 1982 |
| BHS overhauls its stores, swapping supermarket-style rows for a layout closer to a department store. | BHS overhauls its stores, swapping supermarket-style rows for a layout closer to a department store. |
| 1986 | 1986 |
| BHS merges with Mothercare and Sir Terence Conran’s Habitat to become Storehouse plc. | BHS merges with Mothercare and Sir Terence Conran’s Habitat to become Storehouse plc. |
| 1989 | 1989 |
| Facing falling sales across the group, Storehouse reorganises its management, bringing in American retail executive David Dworkin as chairman. About 900 middle management jobs are lost. | Facing falling sales across the group, Storehouse reorganises its management, bringing in American retail executive David Dworkin as chairman. About 900 middle management jobs are lost. |
| 1995 | 1995 |
| BHS opens a branch in Moscow, putting it in the first wave of British retailers selling in the former Soviet Union. BHS’s offering of comfy cardigans and slippers later goes to central Asia, the Middle East, Hong Kong and the Falkland Islands. | BHS opens a branch in Moscow, putting it in the first wave of British retailers selling in the former Soviet Union. BHS’s offering of comfy cardigans and slippers later goes to central Asia, the Middle East, Hong Kong and the Falkland Islands. |
| 1998 | 1998 |
| BHS opens its first store dedicated to homewares in Bath. | BHS opens its first store dedicated to homewares in Bath. |
| 2000 | 2000 |
| Retail tycoon Philip Green pays £200m for BHS, taking the retail chain into private hands for the first time in decades. BHS has a pension fund surplus of £5m. | Retail tycoon Philip Green pays £200m for BHS, taking the retail chain into private hands for the first time in decades. BHS has a pension fund surplus of £5m. |
| 2002 | 2002 |
| Green buys the Arcadia empire, snapping up brands including Topshop, Dorothy Perkins and Burton. | Green buys the Arcadia empire, snapping up brands including Topshop, Dorothy Perkins and Burton. |
| 2004 | 2004 |
| Between 2002 and 2004, the BHS shareholders extract just over £422m in dividends – the vast majority of which went to Green’s family. | Between 2002 and 2004, the BHS shareholders extract just over £422m in dividends – the vast majority of which went to Green’s family. |
| 2005 | 2005 |
| Green awards himself a record-breaking £1.2bn payout from the Arcadia group. The dividend is paid to his wife, Tina, the legal owner of Arcadia, who resides in Monaco, exempting the Greens from paying tax on the payment. | Green awards himself a record-breaking £1.2bn payout from the Arcadia group. The dividend is paid to his wife, Tina, the legal owner of Arcadia, who resides in Monaco, exempting the Greens from paying tax on the payment. |
| 2006 | 2006 |
| Green sounds out Asda and Debenhams about buying BHS, as shoppers desert the chain for cheaper rivals, such as Primark, or revitalised department stores. He admits taking his eye off the ball after a failed attempt to buy Marks & Spencer two years earlier. | Green sounds out Asda and Debenhams about buying BHS, as shoppers desert the chain for cheaper rivals, such as Primark, or revitalised department stores. He admits taking his eye off the ball after a failed attempt to buy Marks & Spencer two years earlier. |
| 2009 | 2009 |
| Green merges BHS into Taveta, controlled by his wife Tina. Taveta also owns Arcadia. The BHS pension deficit soars to nearly £140m. | Green merges BHS into Taveta, controlled by his wife Tina. Taveta also owns Arcadia. The BHS pension deficit soars to nearly £140m. |
| 2014 | 2014 |
| BHS opens its first two food-only stores in Staines and Warrington and promises to beat the big four supermarkets by up to 10% on price. | BHS opens its first two food-only stores in Staines and Warrington and promises to beat the big four supermarkets by up to 10% on price. |
| 2015 | 2015 |
| BHS is sold to a group of City lawyers and investors, Retail Acquisitions, for just £1. | BHS is sold to a group of City lawyers and investors, Retail Acquisitions, for just £1. |
| Darren Topp becomes chief executive, with a brief to turn the business around, including launching new concessions within the stores. | Darren Topp becomes chief executive, with a brief to turn the business around, including launching new concessions within the stores. |
| By the end of the year the pension fund deficit has reached £226m. Retail Acquisitions begins talks to raise £70m of funding. | By the end of the year the pension fund deficit has reached £226m. Retail Acquisitions begins talks to raise £70m of funding. |
| 2016 | 2016 |
| February | February |
| BHS hires financial firm KPMG to help cut its rent bill on a number of problem stores after poor Christmas trading. | BHS hires financial firm KPMG to help cut its rent bill on a number of problem stores after poor Christmas trading. |
| March | March |
| BHS files a company voluntary arrangement, with landlords accepting sharp cuts to the rent on 87 of BHS’s 164 shops. | BHS files a company voluntary arrangement, with landlords accepting sharp cuts to the rent on 87 of BHS’s 164 shops. |
| April | April |
| 22 April: The company warns it still needs to raise £100m to pay staff wages and rent, and fund its turnaround plan. It is in talks with private equity firm Gordon Brothers over a £60m loan, and with the Pension Protection Fund over a £571m pensions deficit. | 22 April: The company warns it still needs to raise £100m to pay staff wages and rent, and fund its turnaround plan. It is in talks with private equity firm Gordon Brothers over a £60m loan, and with the Pension Protection Fund over a £571m pensions deficit. |
| 24 April: Weekend rescue talks with Sports Direct fail to come up with an agreement. | 24 April: Weekend rescue talks with Sports Direct fail to come up with an agreement. |
| 25 April: BHS officially collapses into administration. | 25 April: BHS officially collapses into administration. |
| June | |
| 2 June: BHS administrator calls in liquidators despite considering several rescue bids, saying a deal could not be agreed because of the significant funding required to save the business. The chain’s 163 stores to be closed, with 11,000 jobs likely to be lost. | |
| 7-15 June: MPs to question Dominic Chappell, Sir Philip Green and other witnesses as part of Select Committee investigation into the collapse of the business |